A
“Accidental damage” - unintended and unexpected damage caused by sudden and external means
“Accidental damage cover” - cover under a household policy to provide insurance for standard named events such as fire, storm, flood and theft plus accidental damage cover - e.g. spilling paint.
“Additional premium (AP)” - an extra charge made for increasing or making amendments to insurance cover e.g. following inclusion of additional items or an additional property or adding an additional motor vehicle
“Age limits” - the limits set by insurers as to the maximum and minimum ages at which cover will be offered
“Aggregate limit of indemnity” - the maximum amount that the insurer will pay in respect of all insured losses occurring during any period of insurance - sometimes there is a limit per claim or occurrence
“All risks cover” - cover for any unforeseen loss or damage that is not specifically excluded under a policy. The typical exclusions found are depreciation and wear and tear, and other losses due to gradually operating causes.
“Annual percentage rate (APR)” - The formula for calculating the true interest rate – The APR is the total cost for credit expressed as an annual percentage rate of charge.
“Approved alarm systems” - an intruder alarm installed and maintained by an approved NSI - the National Security Inspectorate (formally known as NACOSS) or SSAIB – Security Systems and Alarm Inspection Board alarm installation company. Some policies include an intruder alarm warranty which requires the installation and maintenance of an approved alarm as a pre-requisite to providing theft insurance cover.
“Art Loss Register” - a computerised art index set up to log stolen works of art and compare their description against auction catalogues world-wide.
“Average” - a policy condition that requires the amount of a claim payment to be reduced proportionately when a policyholder has not insured their property for the full amount of its value or replacement cost.